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With oil prices sliding, the CAD has been sold off and some interesting price action is being seen in CAD crosses. USD/CAD has started regaining ground and is currently knocking on $1.2400 after having bottomed in the $1.2100 region.
The greenback is enjoying a safe haven bid relative to commodity currencies and perhaps the fact we are headed to non-farm payrolls is helping to underpin the currency. The $1.2400 region is also the 23.6% retracement of the May-to-June rally and if the pair manages to knock through that barrier, it could run to June highs at $1.2566.
On the US calendar today we have consumer confidence and Chicago PMI numbers. Any signs of strength could see the greenback extend its gains.